By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
OOLP Maritime World NewsOOLP Maritime World News
  • Home
  • Maritime News
    • Top stories
    • Global Maritime
    • International Shipping
    • Cruise
    • Ports
    • Security & Piracy
  • Live Marine Traffic
  • Events
  • Company
    • About OOLP
    • Contact us
  • Blog
Reading: Iron ore soars as BHP puts faith in China’s growth
Share
Notification Show More
Latest News
Kymeta Launches Flat Panel Antenna On Oneweb’S LEO
Global Maritime News
Low-Flashpoint Methanol Fuel System from KSOE Approved by ABS
Shipping news
MOL buys into American FLNG specialist 
Global Maritime News
KNCC Liquid CO2 Concept moves forward with DNV GASA
Shipping news
Davie Completes Félix-Antoine-Savard Ferry Repairs
Global Maritime News
Aa
OOLP Maritime World NewsOOLP Maritime World News
Aa
Search
  • Home
  • Maritime News
    • Top stories
    • Global Maritime
    • International Shipping
    • Cruise
    • Ports
    • Security & Piracy
  • Live Marine Traffic
  • Events
  • Company
    • About OOLP
    • Contact us
  • Blog
Follow US
© 2022 - All Rights Reserved. OOLP News.
OOLP Maritime World News > Shipping news > Iron ore soars as BHP puts faith in China’s growth
Shipping news

Iron ore soars as BHP puts faith in China’s growth

Last updated: 2023/02/22 at 6:29 AM
111 Views
Share
3 Min Read
SHARE


Dalian and Singapore iron ore futures surged past $130 a tonne on Tuesday after the world’s largest listed miner, BHP Group BHP.AX, flagged a brightening demand outlook in top steel producer China.

BHP’s confidence in China’s economy was buoyed by green shoots since the start of the calendar year, including new loans, house prices and business sentiment surveys, Chief Executive Officer Mike Henry said.

The most-traded May iron ore on China’s Dalian Commodity Exchange DCIOcv1 ended daytime trade 3.4% higher at 919 yuan ($133.80) a tonne. It earlier hit 922 yuan, the strongest for the Dalian-traded commodity since July 2021.

- Sponsored Ads -

On the Singapore Exchange, the steelmaking ingredient’s benchmark March contract surged by more than $11, or about 9%, to $139.80 a tonne, the highest since last April. It was up 2.2% at $131.20 a tonne by 0700 GMT.

“Fragile shoots of an emerging Chinese steel demand recovery appear to be slowly developing strong roots, as bullish high-frequency data extended into a second consecutive week,” Navigate Commodities Managing Director Atilla Widnell said in a note.

“If this trend extends for a third consecutive week – and there’s little to suggest otherwise – this should continue to reinforce the renewed optimism around China’s reopening narrative.”

Rebar SRBcv1 on the Shanghai Futures Exchange climbed 2.1%, hot-rolled coil gained 1.4%, wire rod SWRcv1 rose 3%, and stainless steel SHSScv1 added 1.6%.

Other Dalian steelmaking inputs such as coking coal and coke rose 3.8% DJMcv1 and 2.2%, respectively.

Iron ore broke past the $120-$130 trading range it had been confined to for weeks, with traders brushing aside a fresh reminder from regulators about ensuring market stability, and portside stockpiles hitting a five-month peak.
Source: Reuters (Reporting by Enrico Dela Cruz in Manila; Editing by Vinay Dwivedi and Sherry Jacob-Phillips)



You Might Also Like

Low-Flashpoint Methanol Fuel System from KSOE Approved by ABS

KNCC Liquid CO2 Concept moves forward with DNV GASA

Labor unrest, canal woes could complicate ‘normal’ peak season

Alternative Marine Fuels: Monthly Market Indicators

admin February 22, 2023
Share this Article
Facebook Twitter Whatsapp Whatsapp LinkedIn Copy Link Print
Previous Article P&O Ferries To Strengthen Key Trade Link Between Belgium And The UK With New Sailings
Next Article ValenciaPort: Liquid and solid bulks in January continue the upward trend of recent months
- Advertisement -

Latest News

Kymeta Launches Flat Panel Antenna On Oneweb’S LEO
Global Maritime News June 10, 2023
Low-Flashpoint Methanol Fuel System from KSOE Approved by ABS
Shipping news June 10, 2023
MOL buys into American FLNG specialist 
Global Maritime News June 10, 2023
KNCC Liquid CO2 Concept moves forward with DNV GASA
Shipping news June 10, 2023

OOLP maritime news is a portal that gets latest updates and happenings from the maritime & cruise industry across the globe.

Top maritime stories

Global maritime news

International shipping news

Cruise news

Maritime ports

Security and piracy

About OOLP news

Contact us

Live maritime traffic

Events

Blog

Follow US

© 2023 - All Rights Reserved. OOLP News.

  • Cookie Policy
  • Terms & Conditions
  • Disclaimer
  • Privacy Policy

Removed from reading list

Undo
Welcome Back!

Sign in to your account

Lost your password?